UK Retail Numbers Fall For First Time In 25 Years
Thursday 9th January 2020 – 09:30 (GMT)
Figures released earlier today by the British Retail Consortium (BRC) have indicated that total retail sales fell by 0.1% over 2019. This was the first yearly contraction since records began back in 1995. Analyst blame this on a mix of general uncertainty over the economic impact of Brexit and also a trend towards spending on experiences rather than material objects.
It was a difficult year overall for the UK high street as a number of major retailers collapsed into administration, including the gift and card empire Clintons, camera specialist Jessops, and the new parent staple, Mothercare.
It wasn’t all doom-and-gloom however, as numbers form the BRC also indicated that like-for-like retail sales climbed slightly in December. This was primarily due to the relatively late Black Friday that has grown in popularity since its import from the USA in 2013.